Are you a sole trader or a landlord?
- Making Tax Digital (MTD) has been something only bigger organisations who are VAT registered have had to worry about, but as of 1st April 2023, it will also apply to sole traders and for landlords.
The hazards of food sales
- Morrisons have recently lost a massive case regarding VAT on date-based snack bars (specifically Nakd, but includes others). HMRC decided that they should have been charging VAT, but Morrisons had taken the decision that these items were zero rated and ended up more than £1million out of pocket.
- HMRC are on the warpath to claim an estimated 50% of the billions paid out to companies in furlough claims that were made incorrectly. They’ve invested £100 million in a task force to investigate and prosecute any wrongdoers.
Corporation Tax rising? Don't panic!
- The recent Budget announced that Corporation Tax would be going up from 19% to 25% in April 2023 - but only for companies with profits exceeding £250K per annum.
Crypto currency and tax
- Crypto currency has been around for a while now and it’s not uncommon for business transactions to be carried out in bitcoin (the best known of the crypto currencies). Elon Musk now accepts commercial payments in crypto currency - and other companies are following suit.
What are you doing about your contractors?
- If your company engages contractors to provide ongoing services as of 6th April 2021 the IR35 rules have reformed. That means that you’re now responsible for collecting and paying all the tax and National Insurance payments for anyone who qualifies as an ‘employee’.
Smart strategies for the future
- Now the Budget has been and gone and we’ve picked the key points out, you’re probably working out what affects you. On a surface level it’s easy to jump on the tax issues as we were all expecting tax to be the government’s route back towards solvency.
Time to think about tax
- Let’s be honest, nobody really wants to think about tax, but investing a little time in thinking can reduce the amount of tax you end up paying. As we come to the end of the tax year there couldn’t be a better time to think about your tax obligations and ensure you take advantage of all your allowances.
A perspective on the future
- It does seem to be all bad news at present - with the exception of the successful rollout of the various vaccines. Even one of our partners has been quite ill with COVID - and in January when we’re just a little busy too!
Have you deferred tax payments?
- One of the first actions the government took at the beginning of lockdown1.0 was to offer businesses the option to defer VAT payments to the end of March 2021.
Life lessons from the Coronavirus
- Here we are in 2021 and nearly a year of serious global disruption. Businesses have suffered, despite the fact that our government has done a huge amount to offer financial support, there are still businesses that fell into the gaps and suffered financially.
Better safe than sorry
- With the financial minefield that 2020 has been for many businesses, it’s easy to forget that the scammers are still out there.
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